Back to basics for the US and the rest of the developed world?

Greece's credit rating was yesterday downgraded again, now to "junk bond" level by one of the main three rating agencies.
Plus, as Howard Schneider wrote in the Washington Post last Saturday, April 24, 2010, "For nations living the good life, the party's over, IMF says", referring to the US and the rest of the developed world.

Thus, it is time for back to basics?
Then, dust off the togas, stock on grapes, start writing poetry and philosophising, take the dumbbells out of the closet, get a new mattress, we are going back to (the) basics (of "Western civilisation")! Wave goodbye to material possessions and other post-industrial revolution "perks" , for an austerity that is austere in some ways and more fulfilling in others.